conflicting yield comments usa...not so bad?

[malleefarmer]

Wheat traded on both sides of the market into midday, fail-ing to generate support as harvest advances but gathering support on reports of damage due to excessive rainfall in the west. The Kansas Wheat Commission shows harvest advanc-ing through most southern and central counties to the northern border. In Central Kansas yields were averaging 30-40 bushels per acre with test weights at 59-63 pounds per bushel. To the west, yields are slightly above last year with test weights of 62-63 pounds per bushel. There has been a wide range of yield reports due to this year’s drought and more recently the heavy rainfall, but as long as it remains solely a U.S. issue, support from production and quality is-sues will remain limited. Large tenders were completed over the weekend with Egypt buying 180,000 tonnes and Saudi Arabia buying 780,000 tonnes. However, U.S. wheat was high priced relative to the purchase price on the Egyptian tender and it is uncertain whether any U.S. origins were in-cluded in the Saudi Arabian tender, though any amount should be low if included. Export inspectors for the week were good, but expected to decline when new crop supplies are available overseas. Prices were lower at the close and likely to remain choppy into Tuesday’s session. Field reports will continue to be monitored in the weeks ahead, though we continue to feel that upside price potential should re-main limited, though look for the Chicago/K.C. spread to widen as SRW harvest gains momentum.